March 19, 2014 |
WASHINGTON -- Janet L. Yellen, who broke the Federal Reserve's glass ceiling, marks two more milestones Wednesday, wrapping up her initial policymaking meeting as chairwoman then facing reporters' questions for the first time since taking office last month. The Fed chair's quarterly news conferences have drawn great attention since her predecessor, Ben S. Bernanke, began holding them in 2011 to improve public understanding of the central bank's actions. Now Yellen takes over the tradition, which adds an additional challenge to the job as financial markets try to interpret every answer for signs of the Fed's direction.
March 10, 2014 |
Bad weather is largely responsible for some recent weak economic data and should not lead the Federal Reserve to stop reducing a key stimulus program, a top central bank official said Monday. Instead, with economic growth still forecast to pick up this year, the Fed might need to quicken the pullback of its monthly bond-buying program, said Charles Plosser, president of the Federal Reserve Bank of Philadelphia. "In recent weeks, there has been a blizzard of economic reports, which have come in weaker than expected," Plosser said in a speech in Paris.
February 21, 2014 |
WASHINGTON - The day after Lehman Bros. filed for bankruptcy in September 2008, Federal Reserve policymakers hadn't yet grasped the scope of the financial storm blowing overhead. What was clear to them as they gathered for a regularly scheduled meeting on Tuesday, Sept. 16, was that economic conditions were worsening, according to transcripts released Friday of key Fed meetings that year. "The markets are continuing to experience very significant stresses this morning," said Ben S. Bernanke, then the Fed chairman, arriving late for the meeting, "and there are increasing concerns about the insurance company, AIG. " But Fed officials weren't ready for the unprecedented steps, such as bailing out the giant insurer, American International Group Inc., that they soon would be taking in a tumultuous year that transformed the central bank from obscure guardian of interest rates to aggressive fighter of financial crises.
February 17, 2014 |
WASHINGTON - Brutal winter weather contributed to a downturn in job growth and other economic data, raising questions about the strength of the recovery and testing the Federal Reserve's resolve in unwinding its key bond-buying stimulus program. Fed policymakers will have another month of data to consider when they next meet in mid-March. But if the views of John C. Williams are any indication, the Fed is likely to hold course. As president of the Federal Reserve Bank of San Francisco, one of the Fed's 12 district banks, Williams has a seat at the mahogany table where top Fed officials meet regularly to discuss the economy and make policy decisions.
February 4, 2014 |
A top Federal Reserve official expects the central bank to continue reducing a key stimulus program even though he sees more modest growth this year than many analysts have projected. Jeffrey Lacker , president of the Federal Reserve Bank of Richmond, Va., said Tuesday he supported the decision by central bank policymakers in December to start reducing the monthly bond-buying program. The Fed now is purchasing $65 billion a month in bonds after the Federal Open Market Committee voted to cut the amount by $10 billion at its December and January meetings.
January 13, 2014 |
WASHINGTON -- About 17% of workers expect to be laid off in the coming year, according to results of a newly launched consumer survey from the Federal Reserve. The figure for December was down from about 18% the previous month but up from about 15% in June, according to the initial results of the Survey of Consumer Expectations from the Federal Reserve Bank of New York. About 22% of consumers expect to voluntarily switch jobs in the year ahead, down slightly from November but up from about 19% in June, the survey reported.